VirginOne has rebranded as The One account and launched a flexible mortgage for sale exclusively through intermediaries, writes Harriet Williams.
The Flexible Mortgage option offers a three month discount of 1.75%. This gives a 3.2% introductory rate on loans up to 85% LTV, reverting to a 4.95% variable rate, and a 3.7% rate on loans up to 99% LTV, reverting to a 5.45% rate.
Customers can consolidate all their debt into the flexible option, and the product is available up to 99% LTV with no MIG. Brokers will receive a minimum 0.4% procuration fee on the flexible product, and an upgrade bonus of £200 if the customer transfers to The One account.
Jennifer Blackwood, spokesperson for Intelligent Finance, says: “It's always difficult to rebrand something and differentiating themselves from the other 'One' accounts will be a tough task.”